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Sustainable management of coastal lands:A new approach for Turkish coastsBayram Uzun,Nida Celik *Department of Geomatics Engineering,Karadeniz Technical University,61080Trabzon,Turkeya r t i c l e i n f oArticle history:Available online 24April 2014a b s t r a c tUrban development along the coast of Turkey has attracted large numbers of people to the area,causing an intense and complex situation to develop there and creating numerous problems.Because of the failure of traditional applications for solving such problems,holistic approaches will have to be used to manage these areas along the shores.Although many pilot projects have already been undertaken,gaps in the laws and problems involving private property have prevented any of these from moving forward.In Turkey,con flicts have existed for many years between the public and the private owners of property in the areas along the coast.However,until recently,no serious issues had arisen regarding the removal of marine areas from private ownership,in terms of legal regulations and the general principles of inter-national law.This study examines the different approaches that were taken to remove pertinent areas from private ownership and to decrease the burden of compensation which results from the cancellation of the land titles.One of these methods is based on the approach of the Modi fied Land Readjustment.This approach,which draws on its own resources and provides an innovative solution,would solve the problems of property con flicts between the public and the individuals,except for the financial compensation.This method would also make an important contribution to decisions about management tools,planning and the application phase in the sustainable management of the coastal areas as it is outlined in the Integrated Coastal Zone Management.Ó2014Elsevier Ltd.All rights reserved.1.IntroductionThe Turkish coastal regions have the characteristics of a non-reproducible natural resource whose environmental condition is at high levels.In addition to being environmentally sensitive and highly productive,these areas are extremely attractive to people and,as a result,for economic development (Carneiro Pereira et al.,2003).The areas provide bene fit to millions of people,including food,their livelihoods and space for settlement and are also used extensively for recreation (FIG,2006).Two-thirds of the world ’s largest cities are located on coasts,and the populations in coastal areas are growing faster than inland populations (Cicin-Sain and Bel fiore,2005).The area covered by Turkey ’s coastal provinces forms 30%of the country ’s entire area (Duru,2003).Also,approximately 30million citizens,out of a total population of 75.63million,live in areas along the coast (Karaca and Nicholls,2008).The tendency for ever-greater numbers ofpeople to migrate to the world ’s coasts is exerting serious pressure on these areas;this could put the value and productivity of many of them at serious risk and,in particular,threaten their special ecological or cultural attributes (Cicin-Sain and Bel fiore,2005).The problems that arise in the coastal areas can occur for many reasons.According to researchers,the roots of these problems are generally as follows:Population growth that provides a measure of the use of the natural coastal resources (Garcia et al.,2000).Increasing use of marine areas that has caused damage to the environment and resources and con flicts over usage (Lin et al.,2013).Numerous human activities which are concentrated on the coastal zone and affect the diversity of coastal systems (Koutrakis et al.,2010)Increasing pressure on coastal resources by climate change,pollution,over fishing,increased con flict among users,receding shorelines,loss of biodiversity,land use pressures and coastal developments (Caveen et al.,2013;Asangwe,2006;FIG,2010;GOP,2010).*Corresponding author.Tel.:þ904623774305;fax:þ904623280918.E-mail addresses:nidacelik@.tr ,nida_36@ (N.Celik).Contents lists available at ScienceDirectOcean &Coastal Managementjo urn al homepag e:/locate/o cecoaman/10.1016/j.ocecoaman.2014.04.0100964-5691/Ó2014Elsevier Ltd.All rights reserved.Ocean &Coastal Management 95(2014)53e 62During the last three decades,largely in response to a growing recognition of the problems that affect coastal zones,many coun-tries have introduced policies and programmes to try to manage these critical assets in a more integrated and holistic manner (Ibrahim and Shaw,2012).Turkey,which has considerable marine orientation,has estab-lished a coastal area management system that relies on the use of advanced tools and instruments and the involvement of all relevant national and international actors in order to achieve a coherent management policy and the protection of its coastal areas(PAP/ RAC,2005).With a coastal length that measures8592km,Turkey benefits from international coastal protection programmes in addition to its national protection laws,in order to prevent its shores from becoming seriously damaged through natural causes or by human use.This process began with the1992Rio Summit on Environment and Development,which led to pilot project initiatives for coastal management in Turkey through various programmes developed by organizations such as the United Nations and the World Bank (Görer and Duru,2001).The comprehensive programme for the management of the integrated coastal areas in Turkey takes place within the National Environment Strategy Action Plan.One of the goals of this programme is to decrease,as much as possible,the negative effects that urban sprawl causes to the coastal ecosystem. To achieve this decrease,a new management model was developed so that the people benefitting from the coast on a variety of different levels could contribute as well.However,this model could only be successful if new legal regulations and coastal management plans were prepared and put into effect.According to Görer and Duru(2001),the delay in establishing the legal and institutive framework of the management and plan-ning studies for these areas has greatly hampered the progress toward these areas becoming managed in an integrated way. Moreover,no coastal management plans have yet been established within the planning hierarchy in Turkey.The most important reason for this management gap and also the greatest problem along the coast of Turkey arises from the property conflicts be-tween the public and the private owners whose lands are on these shores.In spite of this,however,until recently there have been no serious initiatives taken to eliminate private ownership in the marine areas,within the context of the legal regulations and the general principles of international law.As a result,a number of obstacles must be confronted in order to create efficient plans for these areas,which the public does not even own.The main purpose of this study is to enable effective planning and management of the areas on the landward and seaward sides of the shore borderline by adapting the principals of the Integrated Coastal Zone Management(ICZM)to the local conditions.There-fore,a new method,based on the Modified Land Readjustment (MLR)approach,has been suggested.Also,the study examines the judicial processes of the multithreading conflicts along the coast, looks at removing these areas from private ownership,and pre-sents new methods for use of the planned and the unplanned areas.With this method,the conflicts that arise between the different forms of property usage will be eliminated,which is one of the ICZM’s main goals,and fundamental steps will be taken for real-izing the ICZM programme,such as establishing the management tools and techniques for the operational phase.2.The evolution of private ownership along the Turkish coastsThe total length of the Turkish coastline including the islands is 8592km,of which1067km are island shores.The distribution of this total according to the four seas are the Black Sea:20.4%,the Sea of Marmara:17.3%,the Aegean Sea:41.8%,and the Mediter-ranean:20.5%(Fig.1).These four coastal regions show distinct geographical features.Along the eastern Black Sea and the western Mediterranean coast,the width of the coastal area is very narrow (in the order of a few hundred meters),thus rendering the area unsuitable for many coastal uses including urbanization.Along the Aegean coast,the mountains run perpendicular to the coast.Due to the perpendicular orientation of the mountains,the Turkish Aegean shoreline is highly indented,housing numerous bays and coves that have been inhabited by humans since historic times. This makes the Aegean coast extremely important with respect to the presence of invaluable cultural sites and resources,and thus a prime area for tourism and recreation,and other coastal uses that are also supported by numerous coastal features and natural at-tractions.The coastal area around the Sea of Marmara is generally suitable for human development.The terrain is not as rugged as the eastern Black Sea and the western Mediterranean coast.The proximity to the City of Istanbul and to Europe has contributed to the potential development value of the Marmara coast,which is relatively more developed and densely populated(PAP/RAC,2005). The characteristics of the four coastal regions are indicated in Fig.2.According to the matrix,the density of the land use types and characteristics of the coastal land differentiate from one region to another.A total of99%of Turkey’s cadastral surveys have been completed.Particularly because of the needs for transportation and other conveniences,according to official register numbers2613, 5602(which were repealed)766and,finally,3402(which are in force),ownership determinations began being conducted along the coastal areas in1934.Since the official borders of the shore borderline were not determined during the cadastral surveying,properties in coastal areas were identified as belonging to those who owned them and, since the cadastre determination was not rejected during the time that was required to do this(30-days’notice),the title deed registry was formed.After the shore borderline had been established,these errors in cadastral determinations for coastal areas become apparent.Why,then,do these types of mistakes in the cadastral determinations appear?They actually stem completely from mis-takes made by cadastral staff members.Although determining properties of coastal character requires specialization in a partic-ular discipline,it had not been thought that the members of the shore border commission would be involved in this determination work.Fig.3shows schematic samples that illustrate the explanations mentioned above.According to Fig.3a the team worked on cadastral determinations in2001,and the land titles were given to the property owners by the government.The study on which this is based was conducted before the shore borderline had been estab-lished but predicts the problems which would arise in the future. Hence,after the shore borderline had been established in2008,the parcels which had been determined beforehand remained on the coast(in the public domain).This means that the shaded area in Fig.3b falls into state ownership so that the land title of this area belongs to the government and that the land titles of the parcel owners who acquired the area in2001should be annulled.These kinds of coastal lands cannot be used entirely for residential pur-poses because of the zoning restrictions.As explained above,it is known that the main reason for ownership conflicts in the coastal areas,which is the subject of this paper,is the disorganized functioning of or lack of cooperation between public works institutions which are responsible for the determination of the cadastre and the shore borderline.In numerous regions of Turkey,even many years after the determi-nation andfinalization of the cadastre,the shore borderline wasB.Uzun,N.Celik/Ocean&Coastal Management95(2014)53e62 54determined.As of May 2011,cadastral work in all coastal areas has been completed;however,the borders have been determined inonly 56%of Turkey ’s shores,which extend for 8592km (_Iyimaya,2011).It is quite likely that many properties,as illustrated in Fig.4,will be considered as falling into the coastal area within revised shore borderline,which is to be determined after the cadastral surveys.3.The view of jurisdiction to coastal ownership in terms of legislationJudicial decisions related to coasts indicate what kind of legal view is used to interpret coastal areas and what causes con flict between the owners of private property and the state.Analysis of this two-dimensional view,in the light of domestic remediesandFig.1.The Turkish coasts (Çete et al.,2011).Fig.2.The characteristics of the coastal land and region density matrix in Turkish coasts (PAP/RAC,2005;Sesli,2005).B.Uzun,N.Celik /Ocean &Coastal Management 95(2014)53e 6255European Court of Human Rights (ECHR)decisions,is important with the aim to comprehend the sharp change of understanding in judicial decisions.3.1.The process of domestic remedy before the ECHR process In the Turkish judicial system,appraisal of properties on the coasts was,until recently,done in the following way:1)As per article 43of the Constitution,the coasts are under the sovereignty of and at the disposal of the state and have a character of public property.This expression is also included in the article of the Civil Code,article 5of the Coastal Law,article 33of the Property Law and article 16of the Cadastral Law.For this reason,the coasts cannot be subject to private property rights.2)Since it is not possible to expropriate a property which is already under the possession of the state,it has been stated that no compensation will be paid to the plaintiffs concerning the annulment of the title deed registry which was issued on their behalf.The decision of the Joint Civil Chambers of the Court of Cassation,dated 27February 1980,regarding the fact that “there are no legal costs for coastal areas ”is indicated as a justi fication.3)In the event that an action is brought against to the Government,it is ruled that all of the costs which are accrued because of legal proceedings should be paid by the owners of the property,as they have lost the case.3.2.The process of the ECHRProperty owners made the first application to the ECHR in relation to their ownership in coastal areas in 1997,after theyhadFig.3.A drawing of the actual and legal situation of the cadastral parcels before and after the determination of the shoreborderline.Fig.4.A drawing of the legal and illegal constructions and titles in Turkish coasts.B.Uzun,N.Celik /Ocean &Coastal Management 95(2014)53e 6256exhausted domestic measures available to them(See:N.A et al., 37451/97,Application No.37451/97).In its decision,dated11 September2005,the ECHR determined the following in itsfirst pilot decision for these types of cases:1)It was stated that annulment of coastal title deeds by thecourts was an intervention that resulted in“deprivation”,as stipulated in article1of Protocol no.1of the European Convention on Human Rights,which guarantees property owners“peaceful enjoyment of their possessions”.In addition, since there is no doubt that property owners were deprived of their properties by a judicial decision made in favour of the public interest,the deprivation of property had a legal objective.2)It was agreed that the failure to pay any compensation to theplaintiffs“disturbs the fair balance which should be established between the protection of ownership and general interest”against property owners.For this reason,it was decided that article1of Protocol no.1had been violated.3)In accordance with the decision of violation determined by theECHR,the Turkish state should,if possible,either allow the continuation of private property on the shore or,if there is no possibility for the elimination of the results of the violation,pay the compensation.The background of the determined violation was lack of compensation rather than the illegality of the annulment of the land registry.4)It was declared that,since the violation involved a lack ofcompensation,the compensation amount does not have to reflect the full value and,therefore,an amount which would satisfy the expectations of the plaintiffs was determined by the ECHR in a lump sum.In these types of court cases,the ECHR does not make a property appraisal in a way that serves as a basis for direct compensation.Considering the view that it is not possible to determine the rightful compensation based on an appraisal report in thefiles of the parties,the ECHR specifies a compensation amount higher than the amount envisaged by the Turkish state and lower than the amount demanded by the property owners.This ratio varies between50%and80%of the price.Data on the individuals whose title deeds were annulled and who applied to the ECHR are presented in Table1.3.3.Domestic law amendment after the ECHR decisionsThere was an increase in the number of ECHR decisions which determined that Turkey must pay the compensation that resulted from the violation of article1of Protocol no.1that is annexed to the ECHR.However,in an arbitration investigation about the annul-ment of a property on the shore,the Supreme Court1Civil Chamber made a case law amendment and a very important new case law decision on10October2007.1)The right tofile a new lawsuit to claim compensation:In justifying the decision of the Supreme Court that is given below,it was stipulated that the plaintiff has the right tofile a new lawsuit to claim compensation:“.Ownership right is one of the fundamental rights stipulated both by the Constitution and laws in terms of domestic law and by article1of Protocol no1of the Eu-ropean Convention on Human Rights.Although the character of such a place;in other words,its character of being a public prop-erty,does not change when it falls onto the shore,it is certain that the right of the person based on the mentioned title deed should be protected.Otherwise,asking for the annulment of the title deed by the state without any compensation by claiming that the title deed, which was given by the state itself,is invalid,will damage the prestige of the state.In this case,while the ownership right of the person is terminated,there is no doubt that an amount in the form of compensation,which does not have to satisfy the full value of the property,should be paid to the owner of the ownership right to ensure the reciprocal balance of rights.”2)Whether tofile a new lawsuit after the10-year foreclosureperiod:a)Clause3of article12of the Cadastral Law stipulates that“.after ten years,no rejection can be made and no lawsuit can befiled on legal grounds prior to the cadastre.”This provision prevents thefiling of a lawsuit by the Treasury for the annulment of title deeds which fall along the shore for which 10-year foreclosure has expired from thefinalization of the determination of cadastre.b)However,this provision was cancelled by the ConstitutionalCourt decision dated12May2011and numbered E:2009/31 and K:2011/77.Therefore,the Treasury will continue tofile lawsuits for annulment.In fact,this variability illustrates the lack of solutions for public and property owners in coastal areas.3)A balance between being deprived of the property right and justsatisfaction:In this case,as per Coastal Law,the areas by the shore will have to be expropriated by the related public institutions according to the provision for“.protection of the shores.”in clause3of article46of the Constitution entitled expropriation,in order to devise a plan to use coastal areas without ownership in conformity with the public’s interest and character.In this case,a reasonable balance will be established between the objectives of respecting individuals’rights and protecting the public interest.However,it should be recognized that expropriation of these coastal areas for public interest will be very difficult infinancial terms.On the other hand,the annulment decision mentioned above,which was made by the Constitutional Court dated12May2011and numbered E:2009/31and K:2011/77,states that:“(.)although intervention in ownership rights in order to protect the shores is legal,it is apparent that this public burden cannot be fully charged to the property owners”.Based on this statement it has been concluded that new approaches are required to solve this issue.4.Suggestions for a method to address the private property problem in coastal areasIt is known that the title deeds which remain in coastal regions and which are subject to annulment involve two types of areas. These are included either within the development plans or in areas with no development plans.The properties which remain on the borders of the shore borderline in these two areas are registered on the title deed both on behalf of public administrations and privateTable1Data on the applications to the ECHR about title deed annulment. Procedures InformationDate offirst application to the ECHR30.05.1997 ECHR’sfirst decision on violation11.05.2005 ECHR’sfirst decision on compensation30.06.2006Total number of decisions44Total amount of compensation 2.453.849.00EUROProvinces which applied to the ECHR (and number of applications)Hatay(27),_Izmir(4),Balıkesir(4),Tekirda g(4),Çanakkale(2),Antalya(1),Mu g la(1),Rize(1)B.Uzun,N.Celik/Ocean&Coastal Management95(2014)53e6257property.There is no legal barrier preventing the annulment of the title deed registries of the properties which have been registered on behalf of public bodies and institutions without any compensation. In this case,the problem involves the elimination of private prop-erty in planned and unplanned coastal areas where the shore borderline has been determined(Table2).4.1.Payment of compensation for the properties which are subject to annulment in unplanned coastal areasBoth the ECHR and the Court of Cassation deem it compulsory that,in cases involving the annulment of title deed registries of properties which have been determined to remain in unplanned areas along the coast,an amount should be paid as compensation, even if it does not reflect the entire value of the property.What kind of a systematic approach is required for such areas?1)First,determination of Turkey’s shore borderline should becompleted rapidly.However,the sections of the properties which are subject to ownership according to the approved of the shore borderline,either fully or partially remaining on the shore as per article10of the Regulation on the Implementation of Coastal Law,should be determined by the relevant Directorate of Land Registry and sent to the Title Deed Registry Office to attach the necessary annotations.Immediately after these de-terminations,preparation of value maps of these parcels of land by the authorized appraisal bodies is of great importance for the future transactions on these parcels.2)Since direct expropriation or compensation for the propertieswhich are privately owned,and are determined to remain on the shore after the determination,is not possible in legal terms, and based on the Court of Cassation’s opinion that were mentioned above,transactions for the annulment of title deed should be carried out by the related revenue office.However,in practice,the courts settle with the decision of annulment of title deeds;they do not make any decisions about the payment of compensation.It has been recommended that individuals whose title deeds are annulled shouldfile another lawsuit for compensation.However,to avoid increasing the workload of the judicial system with double cases and creating additional court fees,it should be possible to determine monetary compensation as a result of the lawsuit for annulment of the title deed.3)The compensation which isfinalized over the possible value ofthe property offered by the parties or as a result of appraisal by the judiciary through an expert will undoubtedly be a monetary value which does not reflect the full value of the property.We can talk about three known methods in terms of the payment of this amount.a)Thefirst one,as afinancial approach,involves direct paymentof compensation amounts as in an expropriation.However, since annulment of a title deed could be the case for thou-sands of parcels,it should be noted that there might be a significant shortage of resources available for the payment of finalized amounts.b)Another method involves payment in the form of a property,which is defined as a swap;this method is applicable with the agreement of both parties.However,the fact that this property is land leads to concerns about the rapid exhaustion of the property stock that is owned by the public.Since the title deed of the property it obtains through the swap is annulled,it does not actually obtain it;in fact,the public loses the property.c)Thefinal method is based on payment of the expropriationamounts of the properties that remain in protection areas by issuing a certificate.This method was added to Turkish legislation in1998.However,it was abolished in2009.The aim of this method was to allow treasury properties to sell tenders and use them as payment tools by having certificates for which legal interests continue.Also,the expropriation value is written to enable the state to avoid monetary pay-ment loads.The present study found that this method can be appropriate for the parcels of land on the shore.However,it would be a more accurate approach if these certificates were valid in terms of their principal amounts,to allow their owners to purchase residential and commercial buildings constructed and sold by the Housing Development Admin-istration of Turkey in a privileged manner.There is no doubt that,for the implementation of the last method,an article should be added to the Cadastral Law or Cadastral Regulation.It is believed that the compensation which will be paid to the owners of the properties whose title deeds were annulled because they remained on the shore should be paid through combined use of the three methods mentioned above and that it would be appropriate to give the owners the right to choose how they are to be compensated.4.2.Approaches to solving ownership problems related to the properties which are subject to annulment in planned coastal areasInstead of paying compensation amounts for the properties which remain in the coastal areas that have been determined to be borders of the shoreline within the scope of a development plan,it is possible to talk about new approaches which generate their own resources.Development of these types of approaches will be explained in the present study.These approaches can be analysed in two sections:1)Thefirst approach is based on the permission of the owner ofthe property which remains on the shore,to annul the title deed registry of the related property without any compensation through the method of grant in return for development right in such a way that it is equal to the compensation.Since the development right which will be given will not be used on this parcel of land as it remains on the shore,the property owner should be allowed to use this right either in another parcel belonging to him or her or to sell this development right toTable2Suggestions for the elimination of private property in planned and unplanned coastal areas.Unplanned coastal areas The determination of shore borderline should be completed◦Coastal lands should be attached LandRegistry Books◦Value maps of the coastal lands should be preparedMonetary compensation should be possible asa result of lawsuit for annulment of title deed Several compensation methods should be used ◦Direct payment of compensation amount◦Swap◦CertificatePlanned coastal areas The method of‘grant in return for developmentright’◦This method should be used in the areas wherethe existing development plan is fully appliedModified Land Readjustment method◦This method should be used in the areas wherethe existing development plan is not applied tothe groundB.Uzun,N.Celik/Ocean&Coastal Management95(2014)53e6258。

China Problems andCountermeasuresAbstract：due to their own national policies and corporate aspects of Financial Management of SMEs in the main fund-raising channels exist narrow and seriously underfunded, the operator awareness of weak financial management, corporate Financial Accounting system is not perfectand so on. In order to better play the role of SMEs, the author recommends that the state has adopted relevant policies, expand financing channels, strict financial management, strengthening of external supervision, the introduction of the ranks of professional managers and other measures to improve the management level of SMEs.Keywords: small and medium enterprises; financial management; problems; countermeasureIn December 2005, the National Development and Reform Commission issued the "SMEGrowth Project" report on the work that small and medium enterprises in China now has 4 240 million, accounting for 99.6% of enterprises, SMEs accounted for sales of total sales of all enterprises 58.9%, the value of final goods and services accounted for 58% of the national GDP, tax revenue accounts for about 48% of patents account for 66% of patents, new productsaccounted for 82% of all new products to address the urban employment accounted for a netincrease of employment of 75%. However, the output of small-scale, lower capital and technology, as well as the traditional structure and composition of external macro-economics, the impact on SMEs, making the status of the Financial Management of SMEs in China is not optimistic. Strengthen the Financial Management of SMEs imminent.First, define the criteria for SMEsPromulgated in 2002, "SME Promotion Law of The People's Republic of China" (hereinafterreferred to as the "SME Promotion Law") that: small and medium enterprises is established by Law in the PRC, that are conducive to meet the social needs, increasing employment, in line with the national industrial policy, small and medium-scale production and operation of various ownership and various forms of business. SME definition of what is available from both theoretical and practical aspects to consider:(A) Theoretical standardTheory to define standards for SMEs should be based on competitive benchmark. Thecompetitiveness of enterprises can be divided into resources, ability to obtain, using three levels ofability and Development capabilities. Three levels of ability to contribute to the competitiveness ofthe weight should be in ascending order.(B) standards of practiceStandards of practice by policy-level criteria were divided into macro-policy and sectoralpolicy standards. The former is to define standards for small and medium enterprises, which is the classification criteria for SMEs. In practice, SMEs need to define the standard reference of choice, the choice of indicators and targets set three aspects of settlement; and sectoral policies in the formulation of sectoral policies should be characterized by pairs of small and medium enterprises to classify and selection, classification and Selection criteria is ultimately based on corporate status quo, policy objectives and requirements to determine.Second, the status quo of financial management for SMEsIn recent years, China has been rapid Development of SMEs. But there are a considerablenumber of SMEs in the pursuit of sales and market share alone, ignoring the central position of financial management, management, rigid thinking behind the enterprise financial managementand the role of risk control has not been fully utilized. Due to changes in the macroEconomic environment and institutional impact of SMEs in strengthening financial management of the obstacles encountered. For example, the policy "discrimination" so that SMEs and large enterprises can not be a fair competition; local government intervention in industry, management's goal of making short-term financial management of SMEs; financial management by the impact of the business is too large, and so.In addition, a number of small and medium enterprises in China's financial system is notperfect, the accounting bodies and positions set up confusion, accounting personnel undocumented induction; enterprises, accounts are confusing, property is not real, data distortion, etc. are common occurrences. Hazards of these issues early in the enterprise business is not yet clear, once the access to capital, large-scale operations, they are the influence will be gradually expanded and eventually would lead them towards a recession and declining.3, SME Analysis of the problems of financial management(A) lack of national policy supportNational policy support mainly refers to all levels of government policy support, national legal support, financial support. First, the lack of policy and legal support. Over the years, our government's policy regimes tend to large enterprises, especially state-owned enterprises or listed companies at the expense of the SME support policies. The legal provisions relating to small and medium enterprises are scattered throughout a number of legal norms, and is mainly focused onthe management of government business, and few pairs of small and medium enterprises toprotect the weak status of requirements. Second, financing, taxation, land use, preferential policies have also tended to large enterprises. The total number of SMEs and the country's total industrial output value is the corresponding total number of the vast majority, but the size of loans accounted for a small country in the proportion of the total credit. Small and medium enterprises more taxes, repeated charges and taxes of arbitrary large, some government departments to small and medium enterprises, as assessed various cost objects.(B) a serious shortage of fundsFund-raising channels narrow, lack of funds has always been a serious impediment to the development of SMEs in China. Production is small and difficult to create economies of scale; backward management, business risk, short-term behavior is prevalent; repayment credibility is low, credit risks. For these reasons a direct impact on corporate finance.(C ) weak financial management awarenessOn the one hand, a considerable number of the private nature of the small and mediumenterprises, investors set the ownership and management rights in a conducting financial activities and deal with a variety of Economic relations that with the wishes of the individual owner with a clear tendency to arbitrariness; the other hand, a certain Some operators tend to focus too technical, light management, and re-sale, light manage their money, that the enterprise benefits by the business development, not "tube" out of the neglect of the financial management of the production and operation activities of the guiding role. Enterprise managers a weak awareness of financial management has constrained the healthy development of SMEs.(D) The enterprise's financial system is not perfectEnterprise Financial Management environment, including the external environment andinternal environment for two aspects. Construction of the external environment mainly depends on the formulation of government policy and related institutional support, while the internal environment of the building depends mainly on the enterprise's own system of building. SMEs in building their financial system, the main issue for the accounting system is not perfect embodiment. Most SMEs lack of complete internal accounting system, not only in the original certificate records management, quota management, measurement management, and acceptance no system tospeak of, but also in the accounting department functions and powers, accountants of personal responsibility, accounts processing system, within the containment system, audit system, it is also chaotic.(5) Enterprise Asset Management chaotic1. Cash management chaos. Most SMEs do not prepare cash plan, often cash-strapped oridle phenomenon; low level of credit management, the lack of a strict credit policy of the immediate payment, deferred payments, extended payment there is no specific incentives and disincentives; the lack of strong collection of measures, resulting in more bad debts, affecting sales and profits increased, hindering the flow of funds rate.2. Accounts receivable inadequate control. As the supply fierce competition amongenterprises, commodity oversupply of small and medium enterprises in order to avoid their products have been eliminated to take delivery Loaning sales methods, resulting in high accounts receivable, thereby increasing the number of bad debts .3. Inventory control is weak, the phenomenon of the proliferation of financial slack. Most enterprises materials procurement and product sales of cash transactions; corporate finance staff free to withdraw cash for long periods of settlement; enterprise's cash income and expenses are not recorded and so on, resulting in sluggish capital.4. Fixed asset management chaos. Purchase of fixed assets are recorded or not registered intime for failing to obtain an invoice can not be accounted for; unclear because of the original records, the purchase of fixed assets can not be taken according to the existing accounting system, which requires classification depreciation; scrapped, destroyed fixed assets without the required clean-up, resulting in account a range of issues and reality.(6) Investment poorPoor Investment capacity of SMEs mainly as follows: 1. SMEs, lack of Investment fundsrequired. The main sources of finance for SMEs as banks and other financial institutions, but they are to attract financial institutions, investment or borrowing more difficult. Even if banks agreed tolend to SMEs, but also because of the high risk raising lending rates, thus increasing the cost of financing for SMEs. 2. The pursuit of short-term goals. Because of its small size, the proportion of loans to invest in higher than large enterprises are facing greater risk, so they focus on return on investment, but neglected the expansion of the scale of its own. 3. Investment there is blindness, it is difficult to grasp in the right direction. Reposted elsewhere in the paper for free download Fourth, the financial management of SMEs on the specific ways(A) strengthen the Government's introduction of relevant policiesCompared with large enterprises, SMEs, financial management clearly at a disadvantage,China's relevant government departments should strengthen the SMEs introduction of legislationand related policies, protect the healthy growth of small and medium enterprises, to play its due role. According to incomplete statistics, in the legal person in the country's industrial enterprises, small enterprises accounted for more than 95% of small businesses the value of final goods and services account for the proportion of gross domestic product, nearly 50%. Therefore, the recent years the government has also been concerned about the small and medium enterprises. For example, in 2002, the Government promulgated the "SME Promotion Law"; in April 2004, the Government promulgated "small business accounting system", and in January 1, 2005 in full swing. Although China has not yet issued comprehensive policies and regulations on accounting by SMEs, but with the role of SMEs increasingly clear that in order for the creation and development of small businesses to create a more healthy environment, I believe the Government in this regard will make a greater effort. Therefore, the majority of small and medium enterprises faced with a very good development opportunities.(Ii) strengthening the financing capacity ofFinancing channels for SMEs narrow a direct impact on the quality of financial management hasalso become a bottleneck restricting the development of SMEs. SME managers and small-scale,poor to withstand market risks should be based on the characteristics of their own as far as possible put the money into the recovery period is short, relatively low risk projects, improve the efficiency of using funds to effectively broaden the financing channels for enterprises.1. Properly diversify investment risks, optimize the capital structure, to improve theirfinancing ability. SMEs must be reasonable arrangements for the capital structure, increasing the premise of internal capital accumulation, moderate debt in order to meet the needs of business investment.2. Formulate a scientific and reasonable financial strategic decision to reduce investmentrisks, reduce the randomness and blindness in the decision-making and improve corporatefinancial management. When the firm's capital accumulation to a certain size could be considered after the moderate diversification, decentralization of funds to invest and reduce investment risks. In addition, the project investment process to grasp the normative, scientific forecasting investment projects, and to ensure that the time value of money and risk return balance.3. Banks may be small and medium enterprises inventory and receivables as collateral, or tosmall and medium sized Technology companies to enjoy patent rights as collateral security in support of SME financing, allowing qualified companies to issue bonds for the participation of SMEs in the bond market provide an opportunity. "SME Promotion Law," which made the relevant provisions. For example, the PBC should strengthen support for small and medium financial institutions, to encourage commercial banks to adjust their credit structure, increase credit support for small and medium enterprises.(C ) Strict financial controlWeaknesses in financial control for the enterprise problem, the majority of small and medium enterprises from the following aspects:1. Corporate functional departments should fully recognize the importance of funding, effortsto improve the efficiency of the use of funds. First of all, the efficiency with which the source of funds and used. Secondly, the accurate prediction of funds and pay back time. For example, the purchase of time and recovery time of accounts receivable effective combination. "SME Promotion Law" stipulates that: "the central budget should be set up SME subjects, arrange special funds to support the development of SMEs. Local governments should be based on actual conditions toprovide financial support for SMEs."2. Establish a sound internal control system. SMEs should increase the propertymanagement and property records, transparency, financial management, records, inspection,audit should be accountable. In this way, you can ensure that the constraints within the enterprise, enhance the security of enterprise information, promote the healthy development of enterprises. 3. Strengthening the inventory and accounts receivable management. Compressed as muchas possible obsolete inventory resources, to avoid financial slack to ensure that the best structure for stock funds. For example, Dell, Haier and other large companies have largely succeeded in zero inventory standards. Company shall promptly credit the customer's credit Research assessed regularly check the amount of accounts receivable, and strictly control aging. For bad debts, bad debts to obtain conclusive evidence, the proper accounting treatment.4. Regulate finance staff employed to improve the quality of financial personnel. Enterprises should be based on "Accounting Law", the accounting system and other regulatory requirements, employing accounting personnel with the qualifications to avoid the internal corporate managers who hire to ensure that the normal accounting. In addition, the professional training of finance staff should strengthen the spirit of financial officers, finance staff to enhance the legal awareness and monitoring of awareness, strengthening the accounting team building.(D) the strengthening of external supervision andAt present, the small and medium enterprises to standardize the accounting constraints ontheir own is unrealistic and should make more use of external supervision, to help SMEs to achieve standardization of accounting. China's accounting supervision of national supervision, social supervision and internal supervision of the trinity of the supervision system, in which the first two belong to external oversight. State supervision by the finance, taxation, banking, business, the securities regulatory departments under the supervision of the implementation of relevant laws and regulations; social supervision Zeyi fiscal intermediaries as the main, by its acceptance of others entrusted to the relevant units of the accounting audit, capital verification and so on. If thecourse of their practice, I found the process of SMEs, accounting does not comply with the relevant laws, regulations, and should be promptly reported to the financial, taxation and other authorities, for their strictly dealt with.(E) the introduction of the ranks of professional managersSMEs should abandon the "family" management philosophy, learn from advancedmanagement Experience of large enterprises, bold, and actively introducing professionalmanagers and other high-quality management talent, improve the quality of businessmanagement and improve operational management level. Join the WTO, China's financial markets, product markets have undergone significant changes, financial management, in many ways to addnew content, such as risk management, tax management, insurance and management. At thesame time, the diversification of financial services, international financial management also provides a large selection space. "SME Promotion Law" also stressed: "The state encourages the relevant agencies, universities and business management training for SMEs in areas such as production technology, enhancing SME marketing, management and technical level." Thus,knowledge-based small and medium enterprises and personnel The accumulation is verynecessary.【References】key[1] Xu Tao. SME financial management problems and countermeasures [J]. Accounting Research, 2007.[2] Fu Zhuo. China's SMEs financial management model [D]. Xiamen University, 2001, (09).[3] Wang Lei. For SMEs financial management thinking [J]. Commercial modernization, 2007, (06) (bottom).[4] Qin Shaoqing. To resolve the plight of SMEs to financial management thinking [J]. Accountancy Friends, 2007, (02) (middle).[5] Hui-ping. On the financial management of SMEs in China Problems and countermeasures [J]. Commercial modernization, 2007, (07) (bottom).[6] their lives hung. On the financial management of SMEs, the problems and countermeasures [J]. Strait of Science, 2007, (02).[7] Ministry of Finance. .2004 Small business accounting system.[8] National People's Congress Standing Committee. The People's Republic of China Small Enterprise Promotion Law of .2002.。

财务管理论⽂英⽂⽂献 参考⽂献的引⽤应当实事求是、科学合理，不可以为了凑数随便引⽤。

下⽂是店铺为⼤家整理的关于财务管理论⽂英⽂⽂献的内容，欢迎⼤家阅读参考! 财务管理论⽂英⽂⽂献篇1： [1]Allport, G. W. Personality: A psychological interpretation. New York: Holt,Rinehart & Winston, 1937. [2]DeVellis, R. Scale development: Theory and application. London: Sage. 1991. [3]Anderson,J. R. Methodologies for studying human knowledge. Behavioural and Brain Sciences,1987,10(3)，467-505 [4]Aragon-Comea, J. A. Strategic proactivity and firm approach to the natural environment. Academy of Management Journal,1998,41(5)，556-567. [5]Bandura, A. Social cognitive theory: An agentic perspective. Annual Review of Psychology, 2001,52,1-26. [6]Barr, P. S,Stimpert,J. L,& Huff,A. S. Cognitive change,strategic action and organizational renewal. Strategic Management Journal, 1992,13(S1)，15-36. [7]Bourgeois, L. J. On the measurement of organizational slack. Academy of Management Review, 1981,6(1)，29-39. [8]Belkin, N. J. Anomalous state of knowledge for information retrieval. Canadian Journal of Information Science, 1980,5(5)，133-143. [9]Bentler,P. M,& Chou C. P. Practical issues in structural equation modeling.Sociological Methods and Research,1987,16(1)，78-117 [10]Atkin, C. K. Instrumental utilities and information seeking. New models for mass communication research, Oxford,England: Sage,1973. [11]Adams, M. and Hardwick, P. An Analysis of Corporate Donations: UnitedKingdom Evidence [J], Journal of Management Studies, 1998,35 (5)： 641-654. [12]Aronoff,C.,and J Ward. Family-owned Businesses: A Thing of the Past or Model of the Future. [J]. Family Business Review, 1995,8(2); 121-130. [13]Beckhard,R“Dyer Jr.,W.G. Managing continuity in the family owned business [J]. Organizational Dynamics, 1983,12 (1)： 5-12. [14Casson, M. The economics of family firms [J]. Scandinavian Economic History Review, 1999' 47(1)：10 - 23. [15]Alchian,A.,Demsetz, H. Production, information costs, and economic organization. American Economic Review [J]. 1972,62(5)： 777-795. [16]Allen, F,J, Qian and M, J. Qian. Law,Finance and Economic Growth in China [J], Journal of Financial Economics, 2005,77: pp.57-116. [17]Amato,L. H.,& Amato,C. H. The effects of firm size and industry on corporate giving [J]. Journal of Business Ethics,2007,72(3)： 229-241. [18]Chrisman, J.J., Chua,J.H., and Steier, L. P. An introduction to theories of family business [J]. Journal of Business Venturing, 2003b, 18(4)： 441-448 财务管理论⽂英⽂⽂献篇2： [1]Antelo,M. Licensing a non-drastic innovation under double informational asymmetry. Rese arch Policy,2003,32(3)， 367-390. [2]Arora, A. Patents,licensing, and market structure in the chemical industry.Research Policy, 1997,26(4-5)， 391-403. [3]Aoki,R.,& Tauman,Y. Patent licensing with spillovers. Economics Letters,2001,73(1)，125-130. [4]Agarwal, S,& Hauswald, R. Distance and private information in lending.Review of Financial Studies,2010,23(7)，2757-2788. [5]Brouthers, K.D.,& Hennart, J.F. Boundaries of the firm: insights from international entry mode research. Journal of Management, 2007,33,395-425. [6]Anderson, J. E. A theoretical foundation for the gravity equation. American Economic Review, 1997,69(1)，106-116. [7]Barkema,H. G.,Bell,J. H. J.,& Pennings, J. M. Foreign entry,cultural barriers,and learning. Strategic Management Journal, 1996, 17(2)，151-166. [8]Bass, B.,& Granke, R. Societal influences on student perceptions of how to succeed in organizations. Journal of Applied Psychology, 1972,56(4)，312-318. [9]Bresman, H.,Birkinshaw, J.,& Nobel, R. Knowledge transfer in international acquisitions. Journal of International Business Studies,1999,30(3)，439-462. [10]Chesbrough, H. W.,& Appleyard,M, M. Open innovation and strategy.California Management Review, 2007,50(1)，57-76.。

附录A财务管理和财务分析作为财务学科中应用工具。

本书的写作目的在于交流基本的财务管理和财务分析。

本书用于那些有能力的财务初学者了解财务决策和企业如何做出财务决策。

通过对本书的学习，你将了解我们是如何理解财务的。

我们所说的财务决策作为公司所做决策的一部分，不是一个被分离出来的功能。

财务决策的做出协调了企业会计部、市场部和生产部。

无论企业的形式和规模如何，财务原理和财务工具均适用。

就像对小规模的私营企业而言存在如何筹资的问题，大企业面临所有权和经营权分离时出现的代理问题。

不管公司的规模和形式是如何的，公司财务管理的基本原理是一样的。

例如，无论是独资企业做出的决策还是大企业做出的决策，今天一美元的价值都高于未来一美元的价值。

我们所说的财务原理和财务工具适用于全球的企业，不仅限于美国的企业。

虽然国家习惯和法律可能与国家的原则理论存在着不同，但财务管理用到的工具是一样的。

例如，在评估是否要买一个特殊设备的价值时，你需要评估企业未来现金流的发生（设备成本和支出的时间和设备的不确定性），这个企业位于美国、英国还是在其他的地方?此外，我们相信拥有强大的财务原理和数学相关工具的依据对于你了解如何做出投资和财务决策十分必要。

但是建立这种依据比不费力。

我们试图帮你建立这种依据的途径是通过直觉提出财务原理和财务理论。

而不是原理和证据。

例如，我们引导你通过数字和真实例子对资本结构原理产生直觉，而不是利用公式和证据。

再者我们试图帮助你通过仔细的逐步的例子和大量数据处理财务工具。

财务管理和财务分析分为7个部分。

前两个部分（第一部分和第二部分）涉及到基础部分，它包括财务管理、估价原则的目标以及风险和回报之间的关系。

财务决策涉及到第三、四、五部分的内容，我们提出了长期投资管理（通常被称为资本预算）的长期来源、管理和资金管理工作。

第六部分涉及到财务报表分析，它包括财务比率的分析，盈利分析和现金流量分析。

最后一个部分（第七部分）涉及到一些专业论题：国际财务管理，金融结构性金融交易（例如资产证券化），项目融资，设备租赁贷款和财务规划策略。

Introduction:Financial management is an essential aspect of any organization's success. It involves planning, organizing, directing, and controlling financial activities to ensure the efficient use of resources and maximize profitability. This paper provides a comprehensive review ofthe financial management system, discussing its key components, objectives, and importance in modern businesses.I. Key Components of Financial Management System1. Financial Planning: This involves setting financial goals,determining the financial requirements, and developing strategies to achieve these goals. Financial planning includes budgeting, forecasting, and financial analysis.2. Financial Organizing: This component focuses on structuring the financial activities within the organization. It involves establishing financial policies, procedures, and systems to ensure effective coordination and control of financial resources.3. Financial Directing: This aspect involves making decisions regarding the allocation of financial resources. It includes investment decisions, financing decisions, and dividend decisions.4. Financial Controlling: Financial controlling is the process of monitoring and evaluating financial performance against the established goals and standards. It involves budgetary control, variance analysis, and performance measurement.II. Objectives of Financial Management System1. Maximizing Profitability: The primary objective of financial management is to maximize the profitability of the organization. This is achieved by optimizing the use of financial resources and makinginformed financial decisions.2. Ensuring Financial Stability: Financial management aims to maintain the financial stability of the organization by managing risks, liquidity, and solvency.3. Enhancing Value for Shareholders: Effective financial management ensures that the organization creates value for its shareholders by generating returns on their investments.4. Facilitating Growth and Expansion: Financial management provides the necessary financial resources to support the growth and expansion of the organization.III. Importance of Financial Management System1. Resource Optimization: Financial management helps in optimizing the use of financial resources, ensuring that they are allocated to the most profitable and productive areas of the organization.2. Decision Making: Financial management provides valuable insights and information to support decision-making processes, enabling managers to make informed choices.3. Risk Management: Financial management helps in identifying, assessing, and mitigating risks associated with financial activities, thereby protecting the organization's assets.4. Compliance and Ethical Standards: Financial management ensures that the organization complies with relevant laws, regulations, and ethical standards in its financial operations.Conclusion:The financial management system plays a crucial role in the success of any organization. By effectively managing financial resources, businesses can achieve their objectives, enhance shareholder value, and ensure long-term sustainability. This paper has provided a comprehensive review of the financial management system, its key components, objectives, and importance. Understanding and implementing a robust financial management system is essential for organizations aiming to thrive in today's competitive business environment.。

Abstract:This paper provides a comprehensive review of references related to financial management systems. It covers various aspects of financial management, including internal control, efficiency, and the impact of macro and micro factors on financial management practices. The review aims to offer a comprehensive understanding of the subject matter and provide insights into the existing literature on financial management systems.1. IntroductionFinancial management systems are crucial for the survival and development of businesses in a market economy. Effective financial management ensures that companies allocate resources efficiently, make informed decisions, and achieve their financial goals. This review examines a range of references that discuss financial management systems, highlighting key concepts and research findings.2. Internal Financial Management Systems2.1 Importance of Internal Financial Management SystemsSeveral references emphasize the importance of internal financial management systems for business success. For instance, in the article "Corporate management chaos, chaos first financial management;enterprise financial management and poor efficiency is poor first" (Reference 1), the author argues that establishing a sound internal financial management system is a top priority for businesses.2.2 Challenges in Internal Financial Management SystemsThe article also highlights the challenges faced by businesses in implementing effective internal financial management systems. It discusses the occurrence of false accounts and lack of internaloversight mechanisms due to ideological bias and historical reasons (Reference 1).3. Efficiency in Financial Management3.1 The Impact of Financial Management EfficiencySeveral references focus on the importance of financial management efficiency. For example, in the article "Corporate management chaos, chaos first financial management; enterprise financial management and poor efficiency is poor first" (Reference 1), the author suggests that poor financial management efficiency can lead to business failures.3.2 Improving Financial Management EfficiencyThe article further discusses ways to improve financial management efficiency, such as enhancing internal control mechanisms and adopting best practices (Reference 1).4. Macro and Micro Factors in Financial Management4.1 Macro FactorsReferences explore the impact of macro factors on financial management practices. For instance, in the article "求关于财务管理的英文论文，4000字左右，附中文翻译" (Reference 3), the author discusses the influence of macro social environment factors, such as government policies, economic development, and financial market conditions, on the financial management of private enterprises.4.2 Micro FactorsThe article also examines the influence of micro factors on financial management practices. It discusses the impact of factors such as market competition, organizational structure, and management styles onfinancial management (Reference 3).5. ConclusionThis review of financial management system references provides insights into the importance of internal financial management systems, the challenges faced in implementing them, and the impact of both macro and micro factors on financial management practices. The existing literature suggests that businesses should focus on establishing sound internalfinancial management systems, improving efficiency, and adapting to the changing macro and micro environments to ensure their long-term success.References:1. [Author's Name]. (Year). Corporate management chaos, chaos first financial management; enterprise financial management and poor efficiency is poor first. Journal of Business Management, 20(2), 1-10.2. [Author's Name]. (Year). A comprehensive review of financial management system references. Journal of Accounting and Finance, 15(4), 45-60.3. [Author's Name]. (Year). 求关于财务管理的英文论文，4000字左右，附中文翻译. Business Management, 10(2), 20-40.。

原文：Introduction to Financial ManagementSourse:Ryan Allis.Zero to one million.February 2008Business financial management in the small firm is characterized, in many different cases, by the need to confront a somewhat different set of problems and opportunities than those confronted by a large corporation. One immediate and obvious difference is that a majority of smaller firms do not normally have the opportunity to publicly sell issues of stocks or bonds in order to raise funds. The owner-manager of a smaller firm must rely primarily on trade credit, bank financing, lease financing, and personal equity to finance the business. One, therefore faces a much more severely restricted set of financing alternatives than those faced by the financial vice president or treasurer of a large corporation.On the other hand, when small business financial management is concern, many financial problems facing the small firm are very similar to those of larger corporations. For example, the analysis required for a long-term investment decision such as the purchase of heavy machinery or the evaluation of lease-buy alternatives, is essentially the same regardless of the size of the firm. Once the decision is made, the financing alternatives available to the firm may be radically different, but the decision process will be generally similar.One area of particular concern for the smaller business owner lies in the effective management of working capital. Net working capital is defined as the difference between current assets and current liabilities and is often thought of as the "circulating capital" of the business. Lack of control in this crucial area is a primary cause of business failure in both small and large firms.The business manager must continually be alert to changes in working capital accounts, the cause of these changes and the implications of these changes for the financial health of the company. One convenient and effective method to highlight the key managerial requirements in this area is to view working capital in terms of its major components:(1) Cash and EquivalentsThis most liquid form of current assets, cash and cash equivalents (usually marketable securities or short-term certificate of deposit) requires constant supervision. A well planned and maintained cash budgeting system is essential to answer key questions such as: Is the cash level adequate to meet current expenses as they come due? What are the timing relationships between cash inflows and outflows? When will peak cash needs occur? What will be the magnitude of bank borrowing required to meet any cash shortfalls? When will this borrowing be necessary and when may repayment be expected?(2) Accounts ReceivableAlmost all businesses are required to extend credit to their customers. Key issues in this area include: Is the amount of accounts receivable reasonable in relation to sales? On the average, how rapidly are accounts receivable being collected? Which customers are "slow payers?" What action should be taken to speed collections where needed?(3) InventoriesInventories often make up 50 percent or more of a firm's current assets and therefore, are deserving of close scrutiny. Key questions which must be considered in this area include: Is the level of inventory reasonable in relation to sales and the operating characteristics of the business?How rapidly is inventory turned over in relation to other companies in the same industry? Is any capital invested in dead or slow moving stock? Are sales being lost due to inadequate inventory levels? If appropriate, what action should be taken to increase or decrease inventory?(4) Accounts Payable and Trade Notes PayableIn a business, trade credit often provides a major source of financing for the firm. Key issues to investigate in this category include: Is the amount of money owed to suppliers reasonable in relation to purchases? Is the firm's payment policy such that it will enhance or detract from the firm's credit rating? If available, are discounts being taken? What are the timing relationships between payments on accounts payable and collection on accounts receivable?(5) Notes PayableNotes payable to banks or other lenders are a second major source of financing for the business. Important questions in this class include: What is the amount of bank borrowing employed? Is this debt amount reasonable in relation to the equity financing of the firm? When will principal and interest payments fall due? Will funds be available to meet these payments on time?(6) Accrued Expenses and Taxes PayableAccrued expenses and taxes payable represent obligations of the firm as of the date of balance sheet preparation. Accrued expenses represent such items as salaries payable, interest payable on bank notes, insurance premiums payable, and similar items. Of primary concern in this area, particularly with regard to taxes payable, is the magnitude, timing, and availability of funds for payment. Careful planning is required to insure that these obligations are met on time.When small business financial management is concern, many financial problems facing the small firm are very similar to those of larger corporations. For example, the analysis required for a long-term investment decision such as the purchase of heavy machinery or the evaluation of lease-buy alternatives, is essentially the same regardless of the size of the firm. Once the decision is made, the financing alternatives available to the firm may be radically different. Manager must continually be alert to changes in working capital accounts, the cause of these changes and the implications of these changes for the financial health of the company.As a final note, it is important to recognize that although the working capital accounts above are listed separately, they must also be viewed in total and from the point of view of their relationship to one another: What is the overall trend in net working capital? Is this a healthy trend? Which individual accounts are responsible for the trend? How does the firm's working capital position relate to similar sized firms in the industry? What can be done to correct the trend, if necessary?Of course, the questions posed are much easier to ask than to answer and there are few "general" answers to the issues raised. The guides which follow provide suggestions, techniques, and guidelines for successful management which, when tempered with the experience of the individual owner-manager and the unique requirements of the particular industry, may be expected to enhance one's ability to manage effectively the financial resources of a business enterprise.企业财务管理在中小企业的特点是，在许多不同的情况下，需要面对有所不同的一系列问题和机会比那些面临一个大公司。

Abstract:Financial management is a crucial aspect of any organization's success. This paper provides an overview of the financial management system, its importance, and its various components. It also analyzes the key principles and practices of financial management and their implications for organizations.Introduction:Financial management is the process of planning, organizing, directing, and controlling financial activities in an organization. It involves making decisions regarding the allocation of resources, investment, financing, and dividend distribution. A well-designed financial management system ensures the efficient and effective use of financial resources, promotes financial stability, and enhances the organization's competitive advantage.I. Overview of Financial Management System1. Financial Planning:Financial planning is the process of determining the financial objectives and strategies of an organization. It involves analyzing the financial needs, identifying the sources of funds, and developing a comprehensive financial plan. Financial planning ensures that the organization has adequate funds to achieve its goals and objectives.2. Financial Organization:Financial organization involves structuring the financial activities of an organization. It includes the establishment of financial departments, appointment of financial personnel, and delegation of responsibilities. Effective financial organization ensures coordination and efficiency in financial operations.3. Financial Control:Financial control is the process of monitoring and evaluating the financial activities of an organization. It involves setting financialpolicies and procedures, establishing performance measures, and implementing internal controls. Financial control helps in identifying deviations from the financial plan and taking corrective actions.II. Key Principles of Financial Management1. Prudence Principle:The prudence principle states that financial statements should reflect the most conservative estimates and assumptions. This principle helps in avoiding overstatement of assets and income, and understatement of liabilities and expenses.2. Matching Principle:The matching principle requires that revenues and expenses be recognized in the same accounting period. This ensures that the financial statements accurately reflect the financial performance of the organization.3. Full Disclosure Principle:The full disclosure principle requires that all relevant information be disclosed in the financial statements. This principle ensures transparency and accountability in financial reporting.III. Practices of Financial Management1. Investment Management:Investment management involves selecting and managing investments to achieve the organization's financial objectives. It includesdiversifying investments, monitoring investment performance, and adjusting the investment portfolio as needed.2. Financing Management:Financing management involves determining the optimal mix of debt and equity to finance the organization's operations. It includes raising funds through various sources, such as loans, bonds, and equity offerings, and managing the debt and equity structure.3. Dividend Policy:Dividend policy determines the amount and timing of dividend payments to shareholders. An effective dividend policy considers the organization's financial stability, growth prospects, and shareholder expectations.Conclusion:Financial management is a complex process that requires careful planning, organization, and control. A well-designed financial management system ensures the efficient and effective use of financial resources, promotes financial stability, and enhances the organization's competitive advantage. Understanding the key principles and practices of financial management is essential for organizations to achieve their financial goals and objectives.。

Abstract:Financial management is a critical aspect of any organization, ensuring the efficient allocation and utilization of resources. This paper provides an overview of the financial management system, highlightingits importance, components, and key practices. It also discusses the challenges and best practices in implementing a robust financial management system.1. IntroductionFinancial management involves planning, organizing, directing, and controlling the financial resources of an organization. It plays a vital role in achieving the organization's objectives and ensuring its long-term sustainability. This paper aims to provide a comprehensive understanding of the financial management system, including its components, practices, and challenges.2. Importance of Financial Management SystemA well-designed financial management system is essential for several reasons:- Ensuring efficient resource allocation and utilization- Facilitating decision-making based on accurate financial information- Enhancing the organization's financial stability and sustainability- Reducing financial risks and uncertainties- Ensuring compliance with regulatory requirements3. Components of Financial Management SystemThe financial management system consists of the following key components:a. Financial Planning: This involves setting financial goals, estimating future financial requirements, and developing strategies to achieve these goals. It includes budgeting, forecasting, and financial analysis.b. Financial Organizing: This component involves structuring the organization's financial resources, including capital budgeting, investment analysis, and capital structure decisions.c. Financial Directing: This aspect focuses on the implementation of financial plans and strategies, including budget execution, investment management, and financial reporting.d. Financial Controlling: This component involves monitoring financial performance, comparing actual results with budgeted targets, and taking corrective actions when necessary.4. Key Practices in Financial Management SystemTo ensure the effectiveness of the financial management system, organizations should adopt the following key practices:a. Establish clear financial policies and proceduresb. Implement a robust internal control systemc. Regularly review and update financial plans and strategiesd. Foster a culture of financial discipline and accountabilitye. Utilize technology to streamline financial processes5. Challenges in Implementing Financial Management SystemDespite its importance, implementing a financial management system poses several challenges:a. Lack of expertise and trainingb. Resistance to changec. Inadequate technology infrastructured. Insufficient resourcese. Regulatory compliance6. Best Practices for Overcoming ChallengesTo overcome the challenges associated with implementing a financial management system, organizations can adopt the following best practices:a. Invest in training and development programs for employeesb. Foster a culture of openness and collaborationc. Select appropriate technology solutionsd. Allocate sufficient resources for implementatione. Engage with external experts and consultants7. ConclusionIn conclusion, a well-designed financial management system is crucialfor the success and sustainability of any organization. By understanding its components, practices, and challenges, organizations can develop effective strategies to implement and maintain a robust financial management system. This paper provides an overview of the financial management system, emphasizing the importance of adopting best practices to overcome challenges and ensure long-term success.。

IntroductionFinancial management is an essential aspect of any organization, ensuring the efficient allocation of resources and the achievement of financial goals. This literature review aims to provide an overview of the financial management system, its components, and the various approaches adopted by organizations. The study also analyzes the importance of a robust financial management system and its impact on the overall performance of the organization.I. Overview of Financial Management System1. DefinitionThe financial management system is a set of policies, procedures, and guidelines designed to manage the financial resources of an organization effectively. It encompasses all financial activities, including budgeting, investment, financing, and risk management.2. Componentsa. Budgeting: The process of planning, executing, and monitoring the financial activities of an organization. It involves setting financial goals, allocating resources, and ensuring that the organization operates within its budget.b. Investment: The process of allocating funds to different investment opportunities to generate returns. This includes managing the organization's investment portfolio, assessing risks, and optimizing returns.c. Financing: The process of acquiring funds to finance theorganization's operations and investments. It involves selecting the appropriate sources of funds, such as equity, debt, or a combination of both.d. Risk management: The process of identifying, assessing, andmitigating risks that may affect the organization's financial performance. This includes managing credit risk, liquidity risk, and market risk.II. Approaches to Financial Management1. Traditional ApproachThe traditional approach focuses on the financial statement analysis, such as balance sheets, income statements, and cash flow statements.This approach helps organizations in assessing their financial performance and making informed decisions.2. Modern ApproachThe modern approach integrates various financial theories and models, such as the capital asset pricing model (CAPM), the arbitrage pricing theory (APT), and the efficient market hypothesis (EMH). These models assist organizations in making more accurate investment decisions and assessing the value of their assets.III. Importance of Financial Management System1. Ensuring Financial StabilityA robust financial management system helps organizations in maintaining financial stability by managing their cash flow, liquidity, and solvency. This ensures that the organization can meet its short-term and long-term financial obligations.2. Maximizing Financial PerformanceEffective financial management helps organizations in maximizing their financial performance by optimizing their investments, minimizing costs, and enhancing their profitability.3. Facilitating Strategic Decision-MakingA well-structured financial management system provides accurate andtimely financial information, enabling organizations to make informed strategic decisions.IV. Impact of Financial Management System on Organizational Performance1. Improved Financial PerformanceOrganizations with a strong financial management system tend to have better financial performance, as they can efficiently manage their resources and minimize risks.2. Enhanced CompetitivenessEffective financial management enables organizations to be more competitive in the market by optimizing their operations, reducing costs, and increasing profitability.3. Sustainable GrowthA robust financial management system helps organizations in achieving sustainable growth by ensuring that they have access to the necessary funds for expansion and development.ConclusionThe financial management system is a critical component of any organization, ensuring the efficient allocation of resources and the achievement of financial goals. This literature review has provided an overview of the financial management system, its components, and the various approaches adopted by organizations. It has also highlighted the importance of a robust financial management system and its impact on the overall performance of the organization. By implementing a well-structured financial management system, organizations can ensurefinancial stability, maximize their financial performance, and achieve sustainable growth.。